It is difficult to perform estate planning without taking finances and taxes into consideration. Instead, many people who perform successful planning discover that these three topics are interchangeably related. In the last year, several new topics have been introduced that redefine how each of these three areas. This article…
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New York Estate Planning & Elder Law Blog
How to Reduce the Risk of Revocable Trust Litigation
The California Court of Appeals recently decided the case of Winston v. Winston-Levin, which reviews some important estate planning considerations. In 1986, Robert Levin created a revocable trust, which he later revised several times. Sadly Robert passed away in 2015, and litigation occurred concerning subsequent revisions to the trust when…
Understanding the Differences Between Revocable and Irrevocable Trusts
Adding trust instruments to your estate plan can help a surviving spouse and other beneficiaries have access to assets while the rest of the estate is wound up. Especially if there are young children or children with special needs ensuring continuity of financial security to survivors is at the forefront…
Estate Planning and 529 Plans
The usage of 529 plans is growing substantially. While for years, many families relied on these plans to fund college, these plans are also capable of being utilized to manage wealth, minimize taxes, and make multi-generational gifts. This article takes a brief examination of the advantages as well as…
Mistakes to Avoid When Establishing Trusts, Part 2
This is the last post in our in-depth series of trusts and why and how to include them in your estate plan. For prior topics, click here. We were last discussing common mistakes we see in the establishment of trust instruments. Our last post examined failing to fund the trust.…
Should Medicaid Planning Be Included in Your Estate Plan?
State plans for medical assistance under federal Medicaid law must comply with certain requirements located in Title 42 U.S.C. § 1396a.4, but do not always do so. In 2018, the United States District Court for the District of Alaska in the case of Disability Law Center of Alaska v. Davidson…
A Quick Guide to New York MOLST Forms
One of the common responses that many people have as they learn about estate planning is that there are a number of estate planning documents. In addition to things like wills, living wills, advance directives and powers of attorney, there also also a number of other important documents. In…
Mistakes to Avoid When Establishing Trusts, Part 1
We’ve been examining adding a revocable (a/k/a living or inter vivos) trust or irrevocable trust to your estate plan. Trust instruments are an important part of your estate plan, particularly if you have a spouse and young children you wish to provide for upon your death. When mistakes are made,…
Advice from Sveen v. Melin on the Importance of Beneficiary Designations
In 1997, Ashley Sveen purchased a life insurance policy. Later that year, Ashley married Kaye Melin and named Melin as primary beneficiary on his life insurance policy. Sveen also named his two adult children as contingent beneficiaries. Several years later, Minnesota amended its revocation on divorce. Sveen and Melin…
Lessons from Groucho Marx: Reducing the Risk of Elder Abuse
By the time that the legendary screen actor and comedian Groucho Marx became a senior citizen, he had a difficult time making a number of decisions regarding his daily life. During this time, Marx’s companion, Erin Fleming, was accused of elder abuse and experienced a deterioration in his relationship…